Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,665 shares of the semiconductor company’s stock after selling 1,912 shares during the period. Maryland State Retirement & Pension System’s holdings in Analog Devices were worth $5,665,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB lifted its holdings in Analog Devices by 6.7% during the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock worth $666,137,000 after buying an additional 180,870 shares during the last quarter. United Bank lifted its stake in Analog Devices by 4.7% during the third quarter. United Bank now owns 6,056 shares of the semiconductor company’s stock worth $1,394,000 after purchasing an additional 273 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in Analog Devices by 2.4% in the third quarter. Thrivent Financial for Lutherans now owns 25,336 shares of the semiconductor company’s stock valued at $5,832,000 after purchasing an additional 582 shares in the last quarter. Quest Partners LLC purchased a new position in Analog Devices in the third quarter valued at approximately $210,000. Finally, Pathstone Holdings LLC raised its holdings in Analog Devices by 1.5% during the third quarter. Pathstone Holdings LLC now owns 71,981 shares of the semiconductor company’s stock worth $16,568,000 after purchasing an additional 1,050 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Trading Up 0.4 %

NASDAQ:ADI opened at $209.97 on Thursday. The stock has a market capitalization of $104.14 billion, a price-to-earnings ratio of 66.87, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10. The stock has a fifty day moving average price of $217.62 and a two-hundred day moving average price of $220.15. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the firm earned $1.73 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices announced that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is currently 126.11%.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the sale, the chief executive officer now owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on ADI shares. JPMorgan Chase & Co. increased their target price on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Lake Street Capital began coverage on Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Barclays dropped their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Finally, Wells Fargo & Company lifted their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Analog Devices Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.